Islamic Bank sets up investment fund in Dubai and Bahrain

The Islamic Bank has established a $50 million investment fund in Dubai and Bahrain to develop the private sector's involvement with technology companies.

The Islamic Bank has established a $50 million investment fund in Dubai and Bahrain to develop the private sector's involvement with technology companies.

The five-year fund will be used to finance technological projects in the two cities. The fund was established by a bank's Islamic private sector development institute, which was created by the bank last year with a start-up capital of $500 million.

The fund will be setup in Bahrain and administered from Bahrain and Dubai's Internet City—and will be used for investment in small and medium technology companies in the Middle East, North Africa, and in the Gulf Cooperation Council member states.

The technology companies will include information (networks and programs), communications, and Internet companies. –(Albawaba-MEBG)